Vranos Michael W 4

What Happened
Michael W. Vranos, Co‑Chief Investment Officer of Ellington Financial Inc. (EFC), is reported to have acquired 161,934 shares of EFC common stock on 2026-05-11. The shares were issued in connection with an incentive fee payable to the company's external manager and are recorded at $0.00 per share (transaction code J — other acquisition/disposition). This was an issuance/award to the manager rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-05-11; Form 4 filed: 2026-05-13 (timely: within two business days).
• Quantity and price: 161,934 shares issued at $0.00 per share.
• Transaction code: J (Other acquisition/disposition — issuance as incentive fee).
• Shares owned after transaction: Not specified in the provided summary of the filing.
• Notable footnotes:
  • F1 — Shares were issued to Ellington Financial Management LLC (EFM) as the incentive fee for Q1 2026.
  • F2 — Many manager shares are held by EMG Holdings, L.P. (EMGH) and EFM; Michael Vranos may be deemed a beneficial owner through his control roles (VC Investments LLC) but disclaims direct beneficial ownership except to the extent of any pecuniary interest. Additional footnotes (F3–F9) describe trust and partnership structures and convertible units that affect how certain holdings are held or convertible into common stock.

Context
These shares were issued to the external manager as a fee arrangement, not bought on the open market; a $0 per‑share record reflects issuance rather than purchase price. Such transactions typically reflect compensation or fee settlement and do not, by themselves, indicate a personal buy/sell decision by the reporting insider. The filing appears timely under Form 4 rules.